Reflections Over My First Year in Real Estate
This week marks my one year anniversary of the biggest career change I will likely ever make. The past year has been riddled with changes that have taught me so many things. I figured with it being the end of my first year in real estate…it would be a good time to reflect back on what I have learned this year. And, why not share it with you…my fellow blog readers. It will hopefully give you an opportunity to see into my daily life and the life of a new real estate agent.
First, a brief background on me: I had been planning on getting into real estate at some point in my life. I had been exploring the possibility a few times before but never thought that I could make it financially through the starting costs involved. I was warned that the first two years would be difficult. Well, last spring my life really began to change and I knew that it was time for a major career change. I left a high paying, fairly stable sales job and finally made the jump into real estate…much earlier than I planned. The timing was perfect though. I was told by many people that I was “too young” and “not ready.” I had many skeptics including friends who respected me who didn’t think I could make it through the difficult first year involved in real estate.
Well, I am proud to conclude my first year and be on track to have a strong second year…especially since the market began to fail not long after I joined the industry. I figured that the difficult environment would only force me to work smarter and harder…I had to be better than all of the other realtors pushing for the same business. Well, here is what I learned while trying to be a “better realtor.”
1) People Underestimate Me – Let’s face it…I’m young. I am one of the youngest full time Realtors that you will meet in your everyday life. I don’t try to hide this fact…I use it to my advantage. I am not some kid looking to cash in on an “easy industry” because I have no real responsibility. As a matter of fact, I have a condo payment, two car payments, credit card debt, pets, and more bills than most people in their thirties would have. I MUST make real estate work or I will destroy my credit and lose everything I work for. My youth does not equate to a lack of responsibility.
However, when people first meet me they immediately place these assumptions on me. This can work to my advantage or it can be a challenge that I must overcome. When I am in negotiations with another party for the purchase or sale of a home…the other realtor often feels that they may be able to take advantage of myself and my client. Unfortunately, many Realtors who have been in the business less than 5 years really do not understand negotiations. I have worked hard not to be one of these Realtors. Ask clients of mine who have been involved in negotiations with me before…I believe you will find them very satisfied with the outcome. I actually feel that the underestimation of the other side often actually benefits me as I can surprise another Realtor by negotiating a much stronger deal than they were expecting.
However, my youth can hurt me at times as well. It is something I must always overcome when first meeting a potential new client. When I walk into a presentation or meet a buyer I know that their first impression will often be…”wow, this guy is young.” My belief is that I can overcome that immediately with the first statement out of my mouth. I must show that I am knowledgeable in the topic at hand. By walking in confident and knowledgeable, I can immediately ease the fear of youth in many of my client’s minds. Unfortunately, the youth is something difficult to overcome. I do feel I have made mistakes and missed opportunities simply because I was underestimated and someone felt I was “too young.”
2) The Industry is Changing Rapidly – I post on my blog all the time about the changes. Recently I wrote about my viewpoint on online brokerages…something that I feel will change the face of the industry in the coming years. We must be prepared and ready for change. I have worked hard to embrace the internet and use the new services to not only market myself but also my client’s listings. As a Realtor, I must be ready and open to embracing change in order to survive in this industry. Historically, any business that is not open to the idea of change fail. I want to not only embrace change…but I want to be an instigator of it. I think you will really see this in the next year. I hope that I am a part of what revolutionizes our industry. And yes agents, don’t be afraid of this change. Embrace it and you will thrive.
3) Working From Home is Difficult – Who wouldn’t love the idea of getting up in the morning…having that cup of coffee and a bagel while reading the paper. Take the dog on a walk and come back answering emails in your pajamas. Somedays, not even leaving the house at all. Sounds good? Well, I thought so until it became something I did everyday. It is much harder to stay motivated when you are working from home. Many days, I will be working on a project and notice something that needs cleaned on the side. Or begin a project in the kitchen. I have become much more domestic since entering real estate…which is good and bad. It makes for a nicer home but also cuts into my productivity. It also can be depressing to sit at home each day in front of the computer working on various products…having basically no real human interaction. Many days when I have no showings planned, I must force myself out of the home and go sit at a Starbucks just so that I can sit around people. I often find myself watching the clock closely just waiting on my significant other to get home just so that I can have someone to talk to face to face. Yes, I love the life of a Realtor…but our everyday life isn’t near as good as you likely imagine.
4) Focus is Key – If I’m honest, I will admit that I get distracted easily. This goes somewhat in with the previous statement. Also, the computer makes this difficult. I often find myself chatting, answering emails, working on a project, and reading news releases all at the same time. Accomplishing nothing in the meantime! For instance, while writing this statement I have already read and responded to two new emails, signed into my website instant messenger (this paragraph made me realize I hadn’t) and checked my website stats. However, when I really sit down and focus I can accomplish so much. I have begun to force myself off of instant messengers during certain time periods. I must follow a strict schedule and routine in order to get anything done for work.
5) Meeting People is Key – Thankfully, I am good at this one. Networking has always been my strong point. Every person I meet knows I am a Realtor and hopefully has a smile on their face when I walk away (though I hope they are smiling because they enjoyed meeting me, not because I am leaving!). I make sure that even when I am at the dog park, the casino, or simply grabbing a cup of coffee that I say hello to the strangers all around me. You never know who you will meet or how you may be able to help each other out in any number of ways. Also…meeting people does no good if you don’t grab contact info. I was at the casino one night and met a nice lady who talked about me listing her home. I failed to grab her contact info and of course…never heard from her. She may have lost my info or decided not to call me…if I would have grabbed her information I could have followed up with her and likely turned her into a client. I still wonder to this day how big of an opportunity I may have passed up.
6) Some of Real Estate is Luck – I may be a lucky person…or maybe I’m not. I do believe that it isn’t just luck though. I have met some of my clients in interesting ways. A wrong number and a walk in are two of my favorite stories. However, I put myself in the position to capture these clients and was ready to help them as soon as the contact occurred. Some may call this luck but I believe that I must give myself some credit for this. These would have never happened if I didn’t put myself out there and give the luck the opportunity to find me.
7) Real Estate is Expensive – I had always heard this and thankfully I was prepared but it still blows my mind as to how much money I am constantly paying to market myself and pay my dues to all sorts of different services. Since being a child, I have always been good with money and always gotten ahead in everything that I have ever done. That is one reason that I have had such great credit! Unfortunately, for the first time in my life I am not getting ahead. Thankfully, I have a long term focus and know that when I stick it out this will change…but this is difficult in the meantime. I had a couple of transactions closed that I had been working with the clients for months…and when all was said and done my net pay barely covered my expenses…let alone paid all of my other bills! This is always extremely depressing.
Marketing is Key – Everyday I find myself trying to figure out how to get my name and my listings names out there. This is always on my mind. You don’t have to be the best person with paper work or the most organized to survive…but you do have to have a good understanding of marketing. To get a listing, you must be able to show the seller how you plan to have their home exposed. To have prospects hope to meet you…you must do a good job of marketing yourself so that people will respect and trust you. People won’t simply call because they saw one ad in the paper, you must have a plan and stick to it.
9) Paperwork is Difficult and Boring – Let’s not beat around the bush…no one in their right mind enjoys doing paperwork. I am definitely included in this statement. I have always hated paperwork. I tended to be someone who will skip over the fine print in every document I ever signed. In real estate, you CANNOT do this. I have had to force myself to sit down and read through the fine print multiple times in each contract that I work with. This way I will no where my clients are protected as well as be able to explain each point to my clients as questions arise. This is a key to my career…and unfortunately, it is pretty important.
10) There are no True Days Off – I work so hard to take a day off and everytime I do it seems like I get extremely busy. I can sit around for 3 or 4 days with an open schedule and not have any pressing matters happen and then right when I want to take a two or three day trip to see family…everyone demands attention. I actually had one real estate deal that I had been working on for months happen during my vacation to Indiana to be with my family! The previous month was my slowest month in real estate and I was begging for activity…then as soon as I head on vacation this deal comes together. Don’t get me wrong, I was thankful for the deal and happy with how it came together…but seriously, what timing! I am still today looking for a way to truly escape and feel that I have nothing to worry about when I am gone. Hmmm…maybe I’ll never get a true vacation again.
Well, I am sure I could come up with dozens more…but it’s time to get some other projects done. Thanks to all my clients who trusted me during my first year in real estate. It has been a fun journey and was the best move I could ever make. My goal was to stick it out for two years no matter how difficult it was. Well, I am halfway through and only see it continuing to get better from here. If all goes according to my plans…which we all know how that usually works out…I will be a top producing Realtor here in the Puget Sound within the next 5 years; all before I reach the age of 30.
Think I’m a dreamer? Well that’s what got me to where I am today so why stop now. Stay tuned to my website to follow my pathway to success. You can even subscribe to my blog by email…simply put your email address in to the right side of the page and you will get an automatic email each time that I write a new blog!
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